Canadian Solar Reiterates 2Q07 & FY07 Guidance, Reports Results of Annual Shareholder Meeting, Files 20-F

Canadian Solar Reiterates 2Q07 & FY07 Guidance, Reports Results of Annual Shareholder Meeting, Files 20-F

June 29, 2007

    JIANGSU, China, June 29 /PRNewswire/ -- Canadian Solar
Inc. ("the Company", or "CSI") (Nasdaq:
CSIQ) today reported results from the company's first annual
meeting held today at The Westin Bund Center Shanghai.  

    Approval of two items under consideration was announced
at the annual meting:

    1. Deloitte Touche Tohmatsu CPA, Ltd. was reappointed
as the auditors of 
       the Company and the directors of the Company were
authorized to fix 
       the auditor's remuneration; 

    2. Five directors were re-elected to the company's
board of directors: 
       Shawn (Xiaohua) Qu, CSI's Chairman, President and
Chief Executive 
       Officer; Bing Zhu, CSI's Director and Chief
Financial Officer; and 
       directors Arthur Chien, Lars-Eric Johansson, and
Robert McDermott.

    Management reiterated its prior guidance for the second
quarter and full year 2007.  Based on current market
conditions and our order backlog and production capacity,
the Company expects net revenues for the second quarter of
2007 to be in the range of $55 million to $58 million from
pure solar module sales. In addition, the management also
expects to realize certain silicon materials sales to its
long-term traditional supply chain partners. The management
expects the Q2 to be operational profitable on a non-GAAP
basis by excluding share based compensation and other
non-cash items. Blended average solar cell cost is expected
to decrease in Q2 compared with Q1, with additional cost
reductions through 2007.

    For the full year 2007 the company expectsits net
revenues will range from approximately $220 million to $230
million, with gross margin in the range of 13% to 15%, and
share based compensation of approximately $8.1 million, or
$ 0.30per diluted share.

    Finally, the company noted it filed audited financial
results for 2006 and filed its annual report on Form 20-F,
including audited 2006 financial statements, with the
Securities and Exchange Commission ("SEC") on
schedule on May 29, 2007.

    Dr. Shawn Qu, CEO of CSI, commented, "2006 was a
year of impressive growth and achievement for CSI.  We
expanded our customer base and market penetration.  We
entered important new geographic markets.  We also secured
the financing to support our continued growth through a
well received IPO on the world's top NASDAQ market.  CSI is
a leader and is now among other prominent leaders in the
public eye.  Throughout the year our team relied on
industry experience that continues to differentiate CSI. 
We clearly understand the market and we know how to build a
world leader.  The numerous positive developments underway
that position CSI for continued growth and success give us
confidence in our outlook for 2007 and beyond." 

    About Canadian Solar Inc. (Nasdaq: CSIQ) 

    Founded in 2001, Canadian Solar Inc. (CSI) is a
vertically integrated manufacturer of solar cell, solar
module and customer-designed solar application products
serving worldwide customers.  CSI is incorporated in Canada
and conducts all of its manufacturing operations in China. 
Backed by years of experience and knowledge in the solar
power market and the silicon industry, CSI has become a
major global provider of solar power products for a wide
range of applications.  For more information, please visit
http://www.csisolar.com .

    Safe Harbor/Forward-Looking Statements

    Certain statements in this press release including
statements regarding expected future financial and industry
growth are forward-looking statements that involve a number
of risks and uncertainties that could cause actual results
to differ materially. These statements are made under the
"Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by such terms
as "believes," "expects,"
"anticipates," "intends,"
"estimates," the negative of these terms, or
other comparable terminology. Factors that could cause
actual results to differ include general business and
economic conditions and the state of the solar industry;
governmental support for the deployment of solar power;
future shortage or availability of the supply of
high-purity silicon; demand for end-use products by
consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers,
including customers of our silicon materials sales; changes
in demand from major markets such as Germany; changes in
customer order patterns; changes in product mix; capacity
utilization; level of competition; pricing pressure and
declines in average selling price; delays in new product
introduction; continued success in technological
innovations and delivery of products with the features
customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange
rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its registration
statement on Form F-1 originally filed on October 23, 2006,
as amended. Although the Company believes that the
expectations reflected in the forward looking statements
are reasonable, it cannot guarantee future results, level
of activity, performance, or achievements. You should not
place undue reliance on these forward-looking statements.
All information provided in this press release is as of
today's date, unless otherwise stated, and CSI undertakes
no duty to update such information, except as required
under applicable law.

    For more information, please contact:

     In Jiangsu, P.R. China: 
      Bing Zhu
      Chief Financial Officer 
      Canadian Solar Inc.
      Tel:   [phone]
      Email: [e-mail]

     In the U.S.: 
      David Pasquale 
      The Ruth Group
      Tel:   [phone]
      Email: [e-mail]